Hotels/Restaurants/Casinos

Wynn Resorts gets another Macau land concession

WilliamSpain

CHICAGO (MarketWatch) -- Wynn Resorts said late Tuesday that its land concession contract on the Cotai Strip in Macau has been approved, opening the door the door for the company to add another casino in the Chinese gambling enclave. "Our company has enjoyed the privilege of being included in the remarkable modern history of [Macau]," said Steve Wynn, chairman and chief executive, in the announcement. "The official transfer of real estate in Cotai makes possible the commencement of the construction phase, of what will be the single most important project in the history of Wynn Resorts," he added. The news could drive Wynn
WYNN, +0.74%
stock, noted Carlo Santarelli of Deutsche Bank. "We view today's announcement as a meaningful positive for Wynn as it provides a much needed growth story and likely alleviates concerns over other . . . related topics right now."

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